SBN S Split Corp

Pine River Capital Management LP ("Pine River") announced the acquisition today
by one of its funds of 481,000 warrants of S Split Corp. (TSX:SBN) ("SBN")
representing approximately 12.26% of the total issued warrants of SBN. The
warrants were acquired on the TSX for investment purposes. Each warrant may be
exercised to purchase one unit comprised of one Class A share of SBN and one
preferred share of SBN. Upon purchase of the units, Pine River would own 481,000
Class A shares of SBN, representing 12.29% of the outstanding Class A shares and
481,000 preferred shares of SBN, representing 12.29% of the outstanding
preferred shares.


Pine River may from time to time, depending on market and other conditions,
acquire additional warrants, dispose of some or all of the existing or
additional warrants or continue to hold the warrants.

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